[Cfairbank]

Carl,

Got it, so are these guys mainly internal Reps at the Funders who are fed deals from external brokers, along with potentially getting in-house leads from the company's large marketing budget? Then of course, they get an override on renewals? You also included syndication returns in those figures as well.

yes exactly.... And why investors get so worried about the 80/20 rule -- is the merchant portfolio the client of the rep or the business?

Syndication is where the top reps really made it big in my banking days. But even from a commission standpoint, 7 figures was norm for top handful at large, high risk shops (again, those days YSC was only balance sheeting 100mm)